Key takeaways from this Shapeshift review:
- Secure & user-friendly exchange
- Low fees, no sign-up required
- Supports multiple blockchains
Shapeshift Pros & Cons
What is Shapeshift?
Shapeshift is a Multichain cryptocurrency platform that allows users to quickly and securely exchange one digital asset for another. It enables users to quickly convert between different digital assets without having to create an account or store funds.
What is a Multichain cryptocurrency platform?
A multichain crypto exchange is a platform that allows users to trade cryptocurrencies across multiple blockchains. This means you can swap tokens from one blockchain, like Ethereum, for tokens on another blockchain, like Bitcoin, without needing to go through a centralized exchange.
Shapeshift Products & Features
Shapeshift offers a wide range of features that make it a great choice for both beginner and experienced crypto traders.
One of the most popular features of Shapeshift is its simplicity. It requires no sign-up or account setup, so users can get started trading quickly and securely. All that’s needed is the address of the wallet you’d like to use for the exchange.
Another great feature of Shapeshift is its low fees. It charges a flat fee of 0.5% for each transaction, making it one of the most cost-effective exchanges on the market.
Shapeshift also offers a wide range of coins and tokens to choose from. It supports over 50 different digital assets, so users can easily find the coins they’re looking for.
Finally, Shapeshift is known for its high security standards. It uses advanced encryption technology to ensure that all transactions are secure and private. It also offers two-factor authentication and other security measures to protect users’ funds.
Shapeshift Customer Support
Shapeshift offers various customer support options to assist users with their inquiries and issues. However, due to its decentralized nature, the level of support may differ from centralized exchanges. Here's an overview:
- Email: Submit a support ticket through the Shapeshift website.
- Live chat is available on the website during business hours.
- Community Forum: Engage with other users and find answers to common questions.
- Help Center: Access comprehensive articles and guides on various topics.
Is Shapeshift Available to US-Investors?
Shapeshift is available to US-investors, however, due to regulatory restrictions, it is not available to residents of the state of New York. Additionally, Shapeshift is not available to residents of certain other countries, such as North Korea, Iran, and Cuba.
Shapeshift Trading Fees
Shapeshift is known for its low fees and fast transaction times, making it a great choice for traders looking to maximize their profits.
When it comes to trading fees, Shapeshift offers competitive rates. There are no trading and withdrawal fees, so users can move their funds in and out of the exchange without incurring any additional costs.
Shapeshift does charge a mining fee which is around 0.0006 BTC but it varies with the cryptocurrency you are trading.
Here are three of the best crypto exchanges that offer a similar service to Shapeshift:
- Changelly Pro: Changelly Pro is a fast and secure crypto exchange with low transaction fees. It supports a wide range of digital currencies and allows users to swap between them quickly and easily.
- HitBTC: HitBTC offers a comprehensive suite of features, competitive fees, an extensive array of coins, and a user-friendly platform.
- AscendEX: AscendEX presents a compelling alternative to Shapeshift. Boasting an array of features, including competitive fees, an extensive coin selection, and a secure platform, AscendEX stands out.
How to Sign Up on Shapeshift?
Shapeshift has a very different signup model. Instead of creating your account on the platform, you just need to connect any active crypto wallet you have. This can be done under five minutes.
- Visit ShapeShift: Go to the ShapeShift website and click "Connect Wallet".
- Create a Wallet: You can either select "ShapeShift" from the list of wallets and click "Create a new wallet" or choose the "Create one" option at the bottom of the list.
- Recovery Sentence: After choosing to create a new wallet, you'll receive a 12-word recovery sentence. It's crucial to write this down and store it securely as it's essential for recovering your funds if needed.
- Verification: Verify you have correctly noted the recovery sentence by selecting the correct word from a given list.
- Setting a Password: Enter a name for your wallet (optional) and set a password. Remember, ShapeShift cannot help you recover your password if you forget it.
And you can start trading cryptocurrencies you want.